Cleanspark, Inc. (NASDAQ:CLSK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Cleanspark, Inc. (NASDAQ:CLSK) has been assigned an average rating of “Moderate Buy” from the seventeen brokerages that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $21.1250.

Several brokerages have recently issued reports on CLSK. Keefe, Bruyette & Woods lifted their target price on shares of Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. BTIG Research reiterated a “buy” rating and issued a $26.00 price objective on shares of Cleanspark in a report on Tuesday, May 12th. Citizens Jmp started coverage on Cleanspark in a report on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 target price for the company. Maxim Group raised their target price on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Finally, Zacks Research cut Cleanspark from a “hold” rating to a “strong sell” rating in a research report on Monday, May 11th.

Institutional Investors Weigh In On Cleanspark

A number of hedge funds have recently modified their holdings of CLSK. Situational Awareness LP lifted its stake in shares of Cleanspark by 648.4% in the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after buying an additional 10,635,739 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Cleanspark by 81.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock valued at $120,007,000 after acquiring an additional 6,323,715 shares during the last quarter. Marex Group plc lifted its stake in Cleanspark by 23,812.2% in the 4th quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock worth $54,654,000 after purchasing an additional 5,377,976 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Cleanspark during the 3rd quarter worth approximately $56,056,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Cleanspark in the fourth quarter valued at approximately $26,125,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Price Performance

Shares of CLSK stock traded down $1.15 during trading hours on Tuesday, hitting $12.37. 1,484,703 shares of the company’s stock were exchanged, compared to its average volume of 23,455,463. Cleanspark has a fifty-two week low of $8.00 and a fifty-two week high of $23.61. The firm has a market cap of $3.17 billion, a P/E ratio of -6.02 and a beta of 3.83. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81. The firm has a 50 day moving average of $15.30 and a two-hundred day moving average of $12.35.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.27). The company had revenue of $136.41 million during the quarter, compared to analyst estimates of $145.35 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. Cleanspark’s revenue was down 24.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.49) EPS. Sell-side analysts forecast that Cleanspark will post -1.19 EPS for the current year.

Cleanspark Company Profile

CleanSpark, Inc (NASDAQ: CLSK) is a leading energy software and services company specializing in advanced microgrid controls and distributed energy resource (DER) management. The firm develops proprietary software platforms designed to optimize power flows across on-grid and off-grid installations, integrating renewable generation, battery storage, and traditional generation assets. CleanSpark’s technology is used by utilities, commercial and industrial enterprises, and remote facilities seeking to enhance energy resilience, reduce operating costs, and achieve sustainability goals.

In addition to its core software offerings, CleanSpark provides end-to-end engineering, procurement and construction (EPC) services.